Spinners and garment makers have set the price of 30-carded yarn for local markets at the highest of $4.20 per kg.
“We struck an agreement with the spinners on the yarn pricing in the domestic markets Saturday night,” said Faruque Hassan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
The highest selling price of the most frequently consumed 30-carded yarn has been set at $4.20 per kg, up to the price escalation of cotton in foreign markets at $1 per pound.
If the cotton price rises to $1 per pound, the spinners will sell the yarn for $4.20 per kg. Cotton’s lower price restriction has been set at 85 cents per pound in order to sell the yarn for $4.20 per kg.
Cotton was trading at 93 cents a pound on foreign markets today.